Bhutan, a small Himalayan nation, is a well known country in the world of digital assets. The country has established itself as a leader in blockchain technology and cryptocurrency adoption. The country known for adopting the crypto industry in its early stages, and its crypto friendly regulation.
Today on January 8, 2025, announcement was made regarding one of their cities, Gelephu Mindfulness City. According to the announcement, the city will now hold digital assets as strategic reserves and move is being greatly appreciated by the community.
Gelephu Mindfulness City is a Special Administrative Region (SAR) in Bhutan and is a hub for all the blockchain innovation that aims to drive innovation integrating sustainability and traditional Bhutanese values.
BTC, ETH and BNB to be Included for Strategic Reserve
The digital assets that will be incorporated for the strategic reserve include Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB). This move places Bhutan’s GMC as one of the first jurisdiction globally to officially hold digital assets as a part of its economic strategy. This inclusion will strengthen GMC’s economic resilience.
Since the assets that have been included for the strategic reserve have a large market capitalization, deep liquidity and secure blockchain technology, GMC now eyes that there are seamless buying and selling activities that cause minimal market disruption.
According to the announcement, in December 2024, Gelephu Mindfulness City passed a law called the Application of Laws Act 2024. This law provides a clear framework for companies that deal with digital assets, such as cryptocurrencies, to operate within the city.
The law helps ensure that these companies are well-regulated and secure, making it a safe and attractive place for businesses to invest and grow.
Establishment of Advisory Panel for Digital Assets
Moreover, a high level meeting is going to be hosted by the GMC in March 2025 in the Kingdom of Bhutan that aims to bring together senior government officials and global industry leaders to discuss the integration of digital assets into strategic reserves to establish an international advisory panel on the digital assets for GMC.
Binance’s CZ Weighs In
Binance’s Former CEO Changpeng Zhao (CZ) took to Twitter to share the news, stating “BNB is now a strategic reserve asset in Bhutan.” This indicates the importance of this move for BNB and how this move is a major milestone for the token and Binance.
This move also provides an recognition to the token as a viable store of value and medium of exchange amongst government and institutions.
Moreover, CZ also commented Bhutan to be a beautiful and smart country as a response to another X user’s comment. He labelled “smart” because of the country’s forward thinking approach in terms of technology and innovation, specially in the digital assets and blockchain sector.
With this announcement, there had been a small uptick in the prices of BTC, ETH and BNB but the tokens did not observe a significant surge in their prices as per CoinGecko.
With these constant developments in Bhutan, the country is setting itself as leader in the region in the crypto industry and a model for other countries to follow.
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